Sebi exempts Diageo Group from making fresh open offer to USL's shareholders
Updated : September 07, 2018 07:17 AM IST
It was alleged in the show cause notice issued in May last year that the status of USL had changed from being an entity jointly controlled by the UB Group and the Diageo to a solely controlled entity of Diageo Group in November, 2015.
The British spirits maker's group was allegedly required to make an open offer due to this.
The $75-million sweetheart deal between its erstwhile promoter Vijay Mallya and new owner Diageo was also taken into account while Sebi issued show cause notice.
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